Loans help art fair buyers defy the credit crunch

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Visitors are being offered "Own Art" loans subsidised by the Arts Council.

Buyers can borrow up to £2,000 and pay for their work in monthly instalments. Julia Alvarez, director of Bearspace Gallery, said: "Being able to pay off the loan over 10 months means even people on a modest income can afford good art.

"We sold a piece yesterday to a couple who were not sure they could afford it. As soon as we mentioned the Own Art scheme, they were sold immediately. I believe this is a case of art defying the credit crunch. Where could your money be safer at the moment? These pieces won't go down in value."

Mary-Alice Stack, development manager of Own Art said the loans entice first-time buyers. "It removes the financial obstacle for people who normally would not buy art. It allows people to get an art bargain despite the credit crunch," she said.

Fair director Jonathan Burton said: "People are being much more cautious this year. There are discounts available. Previously, you could have got a 10 per cent discount if you asked. Now, you see 20 per cent discounts." The London Art Fair is open until Sunday.